SitusAMC

Associate, CRE Portfolio Underwriter

  • Job ID

    13665

  • Job Category

    Asset Management - Debt

  • Business Unit

    Hanover Street Capital

  • Job Location

    US - NY - New York

SitusAMC is where the best and most passionate people come to transform our client’s businesses and their own careers. Whether you’re a real estate veteran, a passionate technologist, or looking to get your start, join us as we work together to realize opportunities for everyone, we proudly serve.

At SitusAMC, we are looking to match your unique experience with one of our amazing careers, so that we can help you realize your potential and career growth within the Real Estate Industry. If you are someone who can be yourself, advocate for others, stay nimble, dream big, own every outcome, and think global but act local – come join our team!
Established in 2012 at the express mandate of Deutsche Bank Commercial Real Estate (“DB CRE”), Hanover Street Capital, LLC (“Hanover”) was formed to exclusively support the end-to-end functions of DB CRE’s substantial commercial and multifamily real estate financing business in the United States. These functions include loan origination, underwriting, due diligence and closing; securitization transaction management and capital markets structuring; loan servicing and administration; and portfolio and asset management.

Position Overview
We are looking for an experienced Associate, CRE Portfolio Underwriter to join our CRE Credit Analytics team in New York City, operating primarily out of Deutsche Bank’s Columbus Circle headquarters. In this role you will support the management of DB CRE’s $23 billion dynamic U.S. commercial real estate loan portfolio. You will be responsible for providing detailed underwriting of selected portfolio assets, including mixed-use, office, multifamily, hotel, retail, and industrial properties across the United States with a specific focus on distressed and underperforming properties.

You will evaluate large, highly structured bridge loans secured by transitional assets with a typical deal size of over $100 million, as well as significantly larger multi-lender syndicated transactions of over $1 billion in total financing. These loans will generally include large capital improvement plans and repositioning strategies for value-add existing assets as well as newly built properties in initial lease- or ramp-up. Loan collateral will generally be located in Tier 1 markets and CBD locations with institutional quality sponsorship and trophy or high-quality assets. You will be working closely with Asset Managers, Credit Risk Management and Originations teams to evaluate, monitor, and forecast asset performance and provide detailed analyses to senior managers at DB CRE.

Essential Job Functions: 
  • Gather CRE market data including rent, occupancy, absorption, sales trends, and formulate balanced viewpoints on market trajectories to inform underwriting analyses
  • Spread and analyze detailed property financial information, review third-party reports and loan documents, and analyze borrower business plans and related property budgets
  •  Prepare and update property cash flow projection models, as well as perform ad hoc financial analyses of CRE assets
  •  Prepare presentation decks and in-depth credit memoranda detailing underwriting, related due diligence, and conclusions to aid in borrower negotiations related to modifications and restructurings
  • Assist in presenting findings to DB CRE’s Global Head of Asset Management, Senior Credit Officers and other senior members of the Asset Management and Originations teams

Qualifications/Requirements:
  • Bachelor’s degree from an accredited institution, preferably with a concentration in Economics, Finance, Accounting or Commercial Real Estate
  • 4 or more years’ experience with commercial real estate debt and/or equity underwriting
  • Experience across all or most traditional asset types, including office, hospitality, retail, multifamily, industrial, and mixed-use properties
  • Advanced financial modeling skills with experience modeling CRE assets and capital structures
  • Experience with Argus highly preferred, but not required
  • Excellent oral and written communication skills combined with a meticulous approach towards CRE credit analysis
  • Ability to manage multiple priorities and meet multiple deadlines within a lean and focused team
  • Balanced viewpoint and determination to assess asset/loan performance and understand the challenges and risks associated with dynamic and complicated bridge loans

Note: This job description is not intended to be all inclusive or exclusive. At any time, employees may perform other related duties as required to meet the ongoing needs of the organization and participate in additional trainings.

SitusAMC is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state, or local laws.

SitusAMC does not accept unsolicited resumes from staffing agencies, search firms or any third parties. Any unsolicited resume submitted to SitusAMC in any manner will be considered SitusAMC property, and SitusAMC will not pay a fee for any placement resulting from the receipt of an unsolicited resume.
New York, NY, USA
USA
The base salary range for this role is ($90,000 - $155,000). Specific compensation is determined through interviews and a review of relevant education, experience, training, skills, geographic location and alignment with market data. Additionally, certain positions may be eligible to receive a discretionary bonus as determined by bonus program guidelines, position eligibility and SitusAMC Senior Management approval. SitusAMC offers PTO and paid holidays, the terms of which are set forth in the program policies.  All full time employees also are eligible to participate in various benefit plans, including medical, dental, vision, life, disability insurance and 401K; in each case in accordance with the terms of the applicable plans.
Continue Reading